"This is a long process, which may or may not come to fruition, and nothing is imminent," Prokhorov's U.S.-based Onexim Sports and Entertainment said in a statement Tuesday. "Of course, no steps in this direction could or would be taken without the full knowledge and approval of the NBA."

Prokhorov first said in June 2013 that he was planning to transfer control of the Nets from Onexim to a Russian company also controlled by the billionaire. That would make the Nets the first major American sports franchise to be controlled by an overseas entity.

Monday, Prokhorov reiterated those plans, which would allow him to stay politically viable in Russia after a law passed last year banned candidates with foreign assets from running in elections. The politically ambitious Prokhorov ran unsuccessfully for president of Russia in 2012.

"A Russian company will own the basketball club," Prokhorov told reporters in Russia. "This doesn't violate any NBA rules."

That's true. But it's unclear if the NBA would approve such a move. League spokesperson Mike Bass said the NBA has yet to receive an application to transfer the ownership.

"If the Nets were to apply," Bass said in an email, "it would require approval of the NBA Board of Governors. The owners would decide."

In an interview with Bloomberg, Joel Litvin, the NBA's president of league operations, said 75-percent of the league owners — at least 23 out of 30 — would have to approve the move. The Bloomberg article also quoted several experts saying it was unlikely enough owners would vote to approve Prokhorov's proposal.

"Preliminary discussions with the NBA were held in spring 2013," Onexim said in its statement, "and at that time, the league indicated its willingness to work with us in the event we needed to reregister the ownership vehicle of the Nets as a Russian entity to comply with the Russian law regarding candidates for political office."

There also is speculation that Prokhorov is looking to protect his assets as the crisis in Ukraine continues. The U.S. has begun imposing economic sanctions against Russia and those close to President Vladimir Putin in response to Putin's annexation of Crimea.

Prokhorov ran against Putin in the 2012 presidential election, and no sanctions have been enacted against the Nets' owner, whose net worth is estimated between $10 billion and $12 billion.

Before the Nets played in Dallas on Sunday, Mavericks owner Mark Cuban said he wasn't sure what potential sanctions to Prokhorov would mean for the league.

"I've thought about it, but I don't know enough," Cuban said. "I don't know who he's friends with and who he's not friends with, all that stuff. So I have no idea. … I'm not qualified to comment on that. "